Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES                         

                     INVESTMENT TRUST PLC ("the Company")                      

The fair value net asset value per Ordinary 10p Share of the Company as at 8
February 2011 was 421.52 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 8
February 2011 was 415.82 pence excluding current period revenue.

9 February 2011